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1. UOP ACC 455 Week 1 tax Position Paper (2 Paper) NEW
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This Tutorial contains 2 Papers
ACC 455 Week 1 Tax Position Paper
Write a 700- to 1,050-word paper that includes the following:
 What are the primary sources of tax law?
 What are the secondary sources of tax law?
 What is substantial authority?
 Describe the role of the courts and the Internal Revenue
Service in interpreting and applying the sources of tax law
Format your paper consistent with APA guidelines.
Click the Assignment Files tab to submit your assignment as a
Microsoft® Word document.

2. UOP ACC 455 Week 2 Discussion Question Worksheet NEW
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Week 2 – Discussion Questions Worksheet
1. Pers, Inc. incorporates on September 13, 2016 and begins
operations on October 26 of the same year. What alternative
tax years can Pers, Inc. elect to report its initial year’s income if
it is a C-corp? Would make a difference if Pers, Inc. was to be a
different type of entity? Please provide specific examples.
2. Lindel, Inc. currently uses a calendar year, but wants to
change to a fiscal year ending on September 30th.
a) Assume Lindel is a C-corp owned by 85 shareholders, each
owning 5% or less of the total stock. Can Lindel change its tax
year? What steps does the company need to take in order to do
so?
b) Assume Lindel is a S-corp owned by 100 shareholders, each
owning 5% or less of the total stock. Can Lindel change its tax
year? What steps does the company need to take in order to do
so?
3. American Corporation incorporates on February 15 and
begins business on August 12. The company elects its initial tax
year end on October 31. The following are expenses for

3. American Corporation: February 30 – Travel expenses to
inspect potential business location, $1,200
March 2 – Payment to lawyer for incorporation, $5,300
March 5 – Legal fees for stock issuance, $1,200
May 20 – Salary payment to CEO, $5,000
September 1 – First rent payment, $3,000
Please classify each expense as either an organizational or
start-up expenditure. Which expenses can be deducted during
the first year ending October 31?
4. What is the difference in tax treatment for capital gains/
capital losses for a corporation vs. an individual? Which is more
beneficial?

4. UOP ACC 455 Week 3 Chapter 11 Issue Identification Questions
NEW
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Access p. 11-41 in Chapter 11 of your textbook Prentice Hall’s
Federal Taxation 2016 Corporations, Partnerships, Estates &
Trusts.
Write a minimum 175-word response to each question C:11-24
through C:11-27.
Click the Assignment Files tab to submit your assignment as a
Microsoft® Word document.

5. UOP ACC 455 Week 3 Discussion Questions Worksheet NEW
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Week 3 – Discussion Questions Worksheet (each question
needs a minimum of a 175 word count answer)
1. Jeff and Louis own an S Corporation. Jeff and Louis own
50% of the corporation each. Jeff’s S Corporation stock basis at
the beginning of the year was $150,000. Louis’ was $120,000.
The company is reporting an ordinary loss of $285,000. How
can this loss affect Jeff’s tax liability? What about Louis’ tax
liability?
2. Mary and Paul began a partnership 10 years ago that has
been incredibly successful. Mary and Paul own 50% of the
partnership each. Mary and Paul’s accountant has suggested
that they incorporate as an S corp. To do so, the partnership
will exchange all its existing assets and liabilities for the new S
Corp stock on October 1 of the current year. The partnership
will then liquidate by distributing the acquired S Corp stock to
Mary and Paul, in equal parts. What are some of the most
relevant tax implications of this transaction? Do you believe
Mary and Paul’s accountant is providing good advice?
3. Anna and Brandon own an S Corporation. Anna and
Brandon own 50% of the corporation each. Anna’s S

6. Corporation stock basis at the beginning of the year was
$175,000. Brandon’s was $225,000. The company is reporting
an ordinary gain of $125,000 and will distribute land with a
$85,000 adjusted basis and $425,000 FMV. How can this gain
affect Anna’s tax liability? What about Brandon’s tax liability?
What implications would this distribution have for each of
them? Please calculate the gain that will be reported by each
Anna and Brandon.
4. Johnson Corporation is a C Corp that has been in business
since 2000. The corporation’s accountant, John Smith, has
recommended converting from C corporation status to S
corporation status. Johnson Corporation has assets with a
$540,000 adjusted basis and an $800,000 fair market value.
Liabilities are $75,000. The corporation is owned solely by its
founder, Ray Johnson. Currently, Johnson Corporation uses
accrual accounting and has selected a fiscal year which ends on
June 30. Do you believe the conversion to S status is
appropriate? What implications would it have on the
corporation’s tax liability? What about Ray Johnson’s personal
tax liability?

7. UOP ACC 455 Week 3 Team Assignment Phoenix Medical
Worksheet, Part 1 NEW
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Phoenix Medical Worksheet
Week 3 Determine Adjusted Book Income:
You are provided with the unadjusted trial balance (Microsoft®
Excel) and your manager’s meeting notes and questions
(Microsoft® Word) for your new tax client – Phoenix Medical.
Following the notes, modify the unadjusted trial balance to
generate a trial balance workpaper (in Microsoft® Excel) that
includes:
Adjusting Journal Entries
Adjusted Book Income
Tax Journal Entries
Taxable Income
Answers to your manager’s questions (Microsoft® Word or
Excel).
The client depends on you, the CPA, to provide journal entries
for activity in fixed assets. While discussing fixed assets, the
client divulges that he got a great deal to upgrade his laser
dermatology equipment. Ultimately, you find out that $569,888

8. of new equipment was purchased and placed in service on
6/18/2014.
Furthermore, and much after the fact, you discover that old
medical equipment was sold to an unrelated party for $75,000
cash. The original cost of the equipment was $300,000 and it
was fully depreciated (no Sec. 179). The cash was deposited in
one of the shareholders personal accounts.
Provide a journal entry to calculate the gain on sale and adjust
the fixed asset and accumulated depreciation accounts.
What is the nature of this gain?
Could the Dr. have structured this sale in a different way to
avoid taxable income? How?
The client depends on his accountant to provide a journal entry
for the annual depreciation expense. They have adopted a
policy of treating book depreciation equal to tax
depreciation. Depreciation expense for the year will include:
Depreciation on assets placed in service prior to 2014 is:
$86,769
Maximize Sec. 179 expense on assets placed in service in 2014.
Take Sec. 168(k) – 50% Bonus – on new equipment if
applicable.
Week 3 Determine Taxable Income:
Determine taxable income. Show all adjustments in the
Microsoft® Excel spreadsheet. Footnote references are
provided to assist you.
The Dr. has filed his prior tax returns on the cash basis.
What questions will you ask to be sure he can continue to file
on the cash basis?
You find that in 2014, the Dr. qualifies, and choose to file on the
cash basis. His books are kept on the accrual basis. Determine
the adjustments needed.
No federal taxes were paid in 2013, and no estimated taxes
were paid in 2014.

9. Within the state tax expense, you find $4,389 is late payment
penalties.
While analyzing the financial information, you find that hidden
in “Accounts Payable” is $28,953 of accrued salaries. You also
find that the salaries were paid in the first week of February.
Does this have an impact on taxable income?
Determine the accrual to cash adjustments for accounts
receivable and accounts payable.
A charitable contribution carryforward of $40,000 is available.
Included in insurance expense is $12,523 of officers’ life
insurance. You determine the company is the beneficiary,
and each officer is a greater than 20% shareholder.

10. UOP ACC 455 Week 4 Chapter 6 Issue Identification Questions
NEW
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Access p. 6-23 in Chapter 6 of your textbook Prentice Hall’s
Federal Taxation 2016 Corporations, Partnerships, Estates &
Trusts.
Write a minimum 175-word response to each question, C:6-29
though C:6-31.
Click the Assignment Files tab to submit your assignment as a
Microsoft® Word document.
C:6-29: What tax issues should Cable, John, and Peter consider
with respect to the liquidation?
C:6-30: What tax issues should Parent and Subsidiary consider
with respect to the bankruptcy and liquidation of Subsidiary?
C:6-31: What tax issues should Harry and Rita consider with
respect to this pending liquidation?

11. UOP ACC 455 Week 4 Discussion Question Worksheet New
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Week 4 – Discussion Questions Worksheet
1. The holding company Port, Inc. is owned 50% by John and
50% by Peter. The company invests in real estate bonds and
stocks, land and buildings from different enterprises, including
Omega, Inc.; Landside, Inc.; and Best Properties, LLC. In order to
avoid personal holding company tax, Peter and John plan to
liquidate Port, Inc. within the next quarter. Please consider the
following questions with respect to this case:
a. In which case would the open transaction doctrine
apply to Port, Inc.?
b. Can Port, Inc. change its market
composition/activities to decrease personal holding
company tax?
2. Nancy owns 25% of Mayfair Corporation stock. She
currently has $200,000 adjusted basis. She is a cash basis
accounting taxpayer. Mayfair has indicated that they will issue
a year-end, $270,000 liquidating distribution to Nancy for year
2016. This distribution will be paid on January 3, 2017

12. . a) What is the amount of gain or loss that Nancy will report
in 2016?
b) What about in 2017? Please explain in detail or
provide calculations.
c) How would your answer differ if Nancy was an
accrual method accounting taxpayer.
3. The Best of Boston, Inc. is a company that provides
customized tourist services, such as charters and sightseeing
tours in the city of Boston. The company is owned 75% by Linda
Smith and 25% by her sister, Amy Smith. Linda has recently
married and she is moving with her husband to New York City.
As such, Linda and Amy have decided to liquidate the business.
Linda will open a new business, the Best of New York, once she
is settled. She has decided to take two small vans that belong to
Best of Boston, Inc. as her final distribution. Amy, on the other
hand, will keep the existing savings of $50,000. Please consider
the following questions with respect to this case:
a. Assume you are Best of Boston’s accountant. Would
you suggest an alternate strategy to minimize or avoid
liquidation tax?
b. What gain or loss would Amy recognize?
c. Would Best of Boston recognize a loss on the
distribution of the two vans?

13. UOP ACC 455 Week 4 Team Phoenix Medical Part 2 (Form
1120) NEW
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Utilizing the spreadsheet and worksheet generated in Week
3, prepare pages 1 through 5 of Form 1120 – US Corporation
Income Tax Return:
§ Utilize PDF fill-in form.
§ See additional information attached.
Click the Assignment Files tab to submit your assignment as a
Microsoft® Word document.

14. UOP ACC 455 Week 5 Chapter 5 Discussion Questions NEW
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Access p. 5-38 in Chapter 5 of your textbook Prentice Hall’s
Federal Taxation 2016 Corporations, Partnerships, Estates &
Trusts.
Write answers to questions C:5-1 through C:5-10.
Click the Assignment Files tab to submit your assignment as a
Microsoft® Word document.
C:5-1 Explain Congress’ intent for enacting the AMT.
C:5-2 Define the following terms relating to the AMT:
C:5-3 Dunn Corporation is not a small corporation exempt from
the AMT. Dunn’s CPA does not calculate the AMT because he
knows that Dunn’s taxable income is less than the $40,000 AMT
exemption amount allowed to corporations. Is the CPA correct
in his belief? Explain.
C:5-4 What special rules (if any) apply to the AMT calculation
for the following entities:
C:5-5 Agnew Corporation operates a small manufacturing
business. During Year 1 (its first tax year, which is 12 months
long), Agnew sells goods for $3.8 million for which the cost of
goods sold is $2.8 million. Agnew’s owner estimates that future
sales and cost of goods sold will grow by 25% each year. Agnew

15. is not related to any other corporations. Is Agnew exempt from
the AMT in Year 1? In any of the next five years? Explain.
C:5-6 Menifee Corporation has conducted business for several
years, and its annual gross receipts never have been more than
$4 million. Jackie, who has owned all of Menifee’s stock since
she incorporated it, purchases all of Estill Corporation’s stock
in the current year. Estill’s annual gross receipts have been
approximately $6 million in recent years.
C:5-6 Menifee Corporation has conducted business for several
years, and its annual gross receipts never have been more than
$4 million. Jackie, who has owned all of Menifee’s stock since
she incorporated it, purchases all of Estill Corporation’s stock
in the current year. Estill’s annual gross receipts have been
approximately $6 million in recent years. Explain to Jackie how
her acquisition of Estill’s stock will affect the AMT that Menifee
pays.
C:5-7 Determine whether the following statements relating to
the AMT for a corporation are true or false. If false, explain why.
C:5-8 Identify each of the following as a tax preference item
(PREF), an AMT adjustment item to calculate preadjustment
AMTI (ADJ), an item to adjust from preadjustment AMTI to ACE
(ACE), or none of these (NONE):
C:5-9 What adjustment does a corporation make if ACE is more
than preadjustment AMTI? If ACE is less than preadjustment
AMTI?
C:5-10 Florida Corporation incurs AMT for the first time in the
current year. The main reason for incurring the AMT is a $2
million gain on a current year installment sale that Florida is
recognizing over ten years for regular tax purposes. Explain to
Florida’s president how the installment sale can cause Florida
to incur the AMT, how its treatment for ACE is similar to and
different from the E&P treatment with which she is familiar,

16. and whether its ACE treatment will partially or completely
reverse in future years.

17. UOP ACC 455 Week 5 Team Assignment Part 3 (Form 1065)
NEW
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Utilizing the included resources, complete tax Form 1065.
Click the Assignment Files tab to submit your assignment as a
Microsoft® Word document.